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Sartorius AG

euro adhoc: Sartorius AG
Group EBIT increased to previous year / Consolidation drive takes effect
Sales Revenue declines mainly due to impact of foreign exchange rates
Net cash flow significantly increased
Strong increase for 2004 results expect

  Disclosure announcement transmitted by euro adhoc.
  The issuer is responsible for the content of this announcement.
The Sartorius Group increased its earnings before interest and taxes
(EBIT) in fiscal 2003 by 8.6% to 14.7 million euros (previous year:
13.5 million). The EBITDA (earnings before interest, taxes,
depreciation and amortization) is amounting to 37.7 million euros and
rose by 3.9% to the year-earlier figure of 36.3 million euros. The
result includes negative one-off effects of approx. 5 million euros
due to the realised restructurings and approx. 3 million euros due to
the insolvency of our minority stake Diessel GmbH & Co. KG.
The Sartorius Group sales revenue declined by 7.2% to 442.3 million
euros (previous year: 476.5 million euros) in particular as a result
of the impact of the foreign exchange rates. The Biotechnology
Division posted a 10.7% drop in sales revenue to 227.3 million euros
from 254.6 million euros the year before. Sales revenue of the
Mechatronics Division slipped 3.1% to 215.1 million euros from 221.9
million euros a year ago. Adjusted for the impact of foreign exchange
rates the Group sales revenue was 469.9 millions euros and could
nearly reach the year-earlier sales revenue. Considering the two
extraordinary fermentation projects last year with a volume of
approx. 25 million euros, both divisions showed operational growth.
For the group this growth was approx. 4,0%. The respective growth of
the Biotechnology Division was approx. 5,5%, that of the Mechatronics
Division approx. 2,5% compared to previous year.
In fiscal 2003, the net cash flow significantly increased to 33.9
million euros (previous year: 0.6 million euros) and was primarily
used to reduce the net debt by 21.1% from 133.1 million euros to
105.0 million euros (reporting date of December 31, 2002, compared
with December 31, 2003).
For the fiscal 2004 the Sartorius Group strives for a sales revenue
growth in the middle to higher one-digit percentage. After realising
important consolidation actions in 2003 we expect a significant
increase of the results for 2004.
The Executive Board will suggest to the Supervisory Board to pay
dividends on the same level as the previous year. The figures stated
above are still subject to the auditors' final review. The final
numbers will be made public at the annual press conference on March
30, 2004.
end of announcement        euro adhoc 23.02.2004

Further inquiry note:

Thomas Hartwig, CFO
Phone: +49.551.308.3871
thomas.hartwig@sartorius.com

Branche: Biotechnology
ISIN: DE0007165607
WKN: 716560
Index: CDAX, Prime All Share, Prime Standard, Technologie All Share
Börsen: Niedersächsische Börse zu Hannover / official dealing
Frankfurter Wertpapierbörse / official dealing
Berliner Wertpapierbörse / free trade
Bayerische Börse / free trade
Hamburger Wertpapierbörse / free trade
Bremer Wertpapierbörse (BWB) / free trade
Börse Düsseldorf / free trade
Baden-Württembergische Wertpapierbörse / free trade

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